FedEx Co. (NYSE:FDX) shares hit a new 52-week high on Wednesday after Zacks Investment Research upgraded the stock from a sell rating to a hold rating. The stock traded as high as $243.30 and last traded at $239.50, with a volume of 1731000 shares changing hands. The stock had previously closed at $238.61.

According to Zacks, “Shares of FedEx have outperformed its industry on a year-to-date basis. The strong growth of e-commerce is a positive for the company. FedEx's efforts to modernize its aircraft fleet are also encouraging. The company has an impressive dividend payment history. In June 2017, the company raised its quarterly dividend by 25%. With respect to buybacks, the company repurchased  2.96 million shares in fiscal 2017. Moreover,  the hike in shipping rates, announced in September 2017, should boost revenues. However, high costs are expected to hurt the company's bottom line in the second quarter of fiscal 2018 as was the case in the preceding quarter. Costs related to the integration process of TNT Express and the increased investments at its Ground unit are also likely to hurt the bottom-line. Detailed results should be out on Dec 19.”

Several other analysts have also issued reports on FDX. Citigroup boosted their price objective on shares of FedEx to $275.00 and gave the company a “buy” rating in a report on Tuesday. Oppenheimer restated a “buy” rating and issued a $229.00 price objective on shares of FedEx in a report on Wednesday, September 20th. Stifel Nicolaus restated a “hold” rating and issued a $221.00 price objective (up from $216.00) on shares of FedEx in a report on Wednesday, September 20th. Wells Fargo & Company boosted their price objective on shares of FedEx from $235.00 to $240.00 and gave the company an “outperform” rating in a report on Thursday, September 21st. Finally, Bank of America restated a “buy” rating and issued a $240.00 price objective on shares of FedEx in a report on Wednesday, September 20th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have issued a buy rating to the stock. FedEx presently has a consensus rating of “Buy” and an average price target of $233.41.

In related news, EVP Donald F. Colleran sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, September 21st. The shares were sold at an average price of $220.00, for a total transaction of $2,200,000.00. Following the sale, the executive vice president now directly owns 30,499 shares in the company, valued at $6,709,780. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kim Jabal sold 3,980 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $225.55, for a total transaction of $897,689.00. Following the sale, the director now owns 6,080 shares in the company, valued at $1,371,344. The disclosure for this sale can be found here. Insiders have sold 40,094 shares of company stock worth $9,024,637 over the last quarter. Insiders own 8.45% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in FDX. Chicago Partners Investment Group LLC boosted its holdings in FedEx by 118.7% in the third quarter. Chicago Partners Investment Group LLC now owns 1,706 shares of the shipping service provider’s stock valued at $385,000 after purchasing an additional 926 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new position in FedEx in the third quarter valued at approximately $259,000. Moors & Cabot Inc. boosted its holdings in FedEx by 34.3% in the third quarter. Moors & Cabot Inc. now owns 2,234 shares of the shipping service provider’s stock valued at $505,000 after purchasing an additional 571 shares in the last quarter. Belpointe Asset Management LLC acquired a new position in FedEx in the third quarter valued at approximately $303,000. Finally, IFM Investors Pty Ltd acquired a new position in FedEx in the third quarter valued at approximately $1,607,000. Hedge funds and other institutional investors own 75.73% of the company’s stock.

The company has a current ratio of 1.63, a quick ratio of 1.57 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $64,900.00, a price-to-earnings ratio of 20.03, a PEG ratio of 1.50 and a beta of 1.36.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Tuesday, September 19th. The shipping service provider reported $2.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.17 by ($0.66). The business had revenue of $15.30 billion during the quarter, compared to analyst estimates of $15.35 billion. FedEx had a net margin of 4.72% and a return on equity of 20.69%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the company earned $2.90 earnings per share. research analysts anticipate that FedEx Co. will post 12.47 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Monday, December 11th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.83%. The ex-dividend date is Friday, December 8th. FedEx’s payout ratio is currently 18.83%.

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About FedEx

FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.

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